HSBC set a new record low rate today but a top mortgage adviser doesn’t expect more rate drops to follow.

BNZ has raised two of its special rates and cut four of its standard rates, effective today.

The two year special has increased 10bps to 4.49% and the three year special is up 15bps to 4.64%.

Cuts across its standard fixed rates include the 18 month rate dropping 10bps from 5.09% to 4.99%; the four year rate has been cut 15 bps from 5.40% to 5.25%; the five year rate now sits 5.35% from 5.50%; and the seven year rate is now at 5.75%.

BNZ director of retail and marketing craig Herbison told NZ Adviser these new rates across a range of terms offer customers the flexibility to fix a competitive rate.

“New Zealanders have been enjoying some of the lowest interest rates in a generation for almost six months. Our customers have been asking us about locking down rates for a longer-term, to help them pay off their home loan faster, which is why we've announced these changes.”

These offers start Tuesday 1 March 2016. Customers are required to have a minimum of 20% equity, their everyday banking and one other product with BNZ. Lending criteria, terms and fees apply.